Forex Market Review – Euro weaker as Greek debt in focus

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EURUSD was little changed in the Asian session overnight, remaining at lows reached after a huge drop last night following weak US data. EURUSD opened in Asia at 1.3082 after bouncing from 1.3042 but drifted back down to lows of 1.3051.

Sentiment is still down as the Greek debt talks are still in focus. Adding to concerns is Portugal and its high bond yields. Attention will be on a debt auction later today, when Portugal will be selling treasury bills.

Dollar dipped to a fresh new three-month low, raising concerns of a Bank of Japan intervention. USDJPY touched 76.13, the lowest level since October 31.

The Australian dollar pared losses against the greenback after PMI data showed manufacturing in China unexpectedly expanded last month. China is a major trading partner for Australia. AUDUSD hit a high of 1.0637 after the report, moving off earlier lows of 1.0592.

The New Zealand dollar fell against its major counterparts, after Finance Minister Bill English said inflation was no longer a problem for the economy. The comments reinforced priced-in expectations calling for the central bank to keep benchmark interest rates on hold at a record-low 2.5 percent over the coming 12 months. NZDUSD fell to 0.8221 from 0.8262.

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